Tuesday 15th April 2008
Bank of Scotland Corporate's Real Estate division has provided £17.25m of funding for the development of a 'retirement village’ comprising 98 units in Ilkley, West Yorkshire. The units are being built by Raven Audley Court plc, which creates homes for older people who wish to retain significant independence.
‘Retirement Village’ living is a relatively new concept in the UK. Older people will purchase a home in the Ilkley development, paying an annual fee towards the upkeep of the communal facilities and membership of the Audley Club. This includes the use of the leisure facilities of swimming pool, gym and a tennis court, thereafter paying for additional consumables within the restaurant, leisure services, housekeeping and care, as and when required. Audley has recently completed similar developments in Tunbridge Wells and Harrogate, and also has developments in Maidstone, Matlock and Kintbury, near Newbury.
The Ilkley site lies in the grounds of Clevedon Hall set around the central house, a former school which closed in 2005. The development, which has full planning permission, will provide 18 one-bedroom and 77 two-bedroom apartments, along with a three-bedroom apartment and 2 two bedroom cottages. Sales are expected to begin this summer, and purchase is open to households with at least one person over the age of 55.
Commenting on the deal Irene Kennedy, Director of Real Estate for Bank of Scotland Corporate, said:
"We are excited about the opportunity to fund an innovative development like Raven Audley Court's conversion at Clevedon Hall. The concept of retirement living has proven popular in Audley's previous developments, and we are delighted to be involved in this expanding market sector, backing a very successful management team."
Nick Sanderson, CEO of the newly formed Raven Audley Court plc, said:
‘We are absolutely delighted to have the opportunity to work with the Bank of Scotland on what must be one of the most attractive village sites in the UK. It will represent the seventh new village to be developed by the Company and has already received a considerable amount of interest from the local community’.
Notes to Editors:
Real Estate at Bank of Scotland Corporateoffers specialised services including Residential and commercial property investment, Property development and financing solutions for many sectors including: Professional practices, Health care, Hotels and licensed trade, Day nurseries and private schools, offices, industrial and retail. Bank of Scotland Corporate, part of HBOS plc, has a reputation for excellence in the provision of corporate finance, delivering innovative funding solutions across a range of markets. With experience across many areas of corporate finance, including specialist teams covering Joint Ventures, Integrated Finance, Structured Property Finance, Infrastructure Finance and Housing Finance, Bank of Scotland can draw on an expert pool of professionals with proven track records. Bank of Scotland provides funding to more Management Buy-Outs than any other bank in both the UK and Europe and is now recognised as the top UK arranger for PFI/PPP deals. Bank of Scotland Corporate employs around 9,000 employees. Total lending at December 2007 stood at £109.3 billion.
Raven Audley Court develops and operates retirement villages thatprovide independent housing for older people. At the heart of each development is a feature building where you will find the kind of facilities and services you would wish to find in a country house hotel. In addition they offer a range of care services to allow for the effect of ageing to take place so that there is a reduced likelihood of a need for future institutional care. Drawing on more than over 25 years experience, Audley has gained an award winning reputation for the development and management of innovative and vibrant retirement communities and is now considered to the one of the leading firms in this specialised sector. Audley prides itself on meeting the very particular needs of its owners, from the choice of location and the quality of construction, to the environment it creates and the levels of personal service and support it provides.
